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Prepare the correcting entries of raymond company

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Reference no: EM132789918

Problem 1: At Raymond Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.

1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870.
2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,150 and a credit to Accounts Payable $1,150.

Reference no: EM132789918

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